Gold
Spot gold prices declined by 0.52 percent on Monday to close at $1154.7 per ounce as U.S. shares and other commodity markets staged a comeback while the white precious metals fell on concerns about the Chinese economy.
Worries about global deflation, however, would not bode well for gold, typically seen as a hedge against inflation.
On the MCX, gold prices rose by 0.83 percent to close at Rs.27667 per 10 gms.
Silver
Spot silver prices declined by 3.4 percent to close at $14.8 per ounce in line with weakness in gold prices. Weakness in the dollar index did not do much respite to falling prices.
On the MCX, silver prices declined by 2.19 percent to close at Rs.36231 per kg.
Outlook
On an intraday basis, we expect gold and silver prices to trade sideways as strengthening dollar and strong global equities will exert downside pressure while uncertain situation in China is a cause of concern.
On the MCX, gold prices are expected to trade sideways today.
Contributed by Angel Broking
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